Frasers declares Australand bid final

Singapore-based Frasers Centrepoint has declared its takeover bid for Australand Property Group to be its best and final offer in the absence of a competing proposal.

The suitor said its offer of $4.48 per share in cash would be declared unconditional if it received acceptances of more than 50 per cent, given that the Foreign Investment Review Board has approved the deal. 

Australand's directors have accepted the offer and recommend shareholders do the same.

Frasers said its offer was a "compelling value proposition" for Australand shareholders.

Some analysts have suggested rival property group Stockland could lob a higher bid, after it launched an offer in April that was trumped by Frasers.